Prudential Baillie Gifford Global Stewardship S3

Essentials Portfolio Analysis Background Data Prudential Risk Performance View PDF Factsheet
Portfolio data accurate as at:

Performance

Discrete performance - to latest available quarter end

30/06/17
to
30/06/18
30/06/18
to
30/06/19
30/06/19
to
30/06/20
30/06/20
to
30/06/21
30/06/21
to
30/06/22
Fund 16.9% 12.1% 31.9% 38.5% -36.9%
Benchmark 9.5% 10.3% 5.7% 25.1% -3.7%

Performance - to latest available quarter end

Quarter Annualised
2
2022
3 Years to
30/06/22
5 Years to
30/06/22
10 Years to
30/06/22
Fund -20.2% 4.9% 8.6% 13.1%
Benchmark -8.4% 8.4% 9.0% 12.2%

Top 10 Holdings

Stock % Weight
TESLA INC 4.63
TAIWAN SEMICONDUCTOR MANUFACTURING CO. 3.34
NVIDIA CORP 3.20
IMCD NV 2.73
PACIRA BIOSCIENCES INC 2.58
MARKETAXESS HLDGS INC 2.54
FANUC CORPORATION 2.51
FIRST REPUBLIC BANK/SAN FRANCISCO CA 2.38
AIA GROUP LIMITED 2.23
STAAR SURGICAL CO 2.10
Total 28.24

Fund Aims

Objective: The investment strategy of the Prudential Baillie Gifford Global Stewardship Fund is to purchase units in the Baillie Gifford Global Stewardship fund-the underlying fund.

Underlying Fund Objective: The fund aims to outperform (after deduction of costs) the MSCI ACWI Index, as stated in sterling, by at least 2% per annum over rolling five-year periods. The fund will invest at least 90% in shares of companies anywhere in the world. Investments will be made in shares of companies which, in the investment manager’s opinion, demonstrate long-term growth prospects and good stewardship. By good stewardship, the investment manager refers to the long-term management of companies in the interests of all stakeholders and broader society. This includes not only environmental, social and governance issues faced by a company, but also whether, in the investment manager’s opinion, the company will add value to society over the long run and if it exhibits a responsible culture. The investment manager will seek to encourage such behaviours in portfolio companies through active engagement with company management. The fund will be actively managed and will invest in companies of any size and in any sector. Investments will initially be selected by the investment manager based on its own research. In addition, the investment manager will use its own research and third party data to assess whether companies demonstrate good stewardship. In making this assessment, the investment manager will make reference to the ten principles of the United Nations Global Compact for business which cover areas including human rights, labour rights, environmental safeguards and combating bribery and corruption (‘the Principles’). The investment manager will not invest in companies that are, in its judgement, inconsistent with the Principles. In addition, investments in companies operating to a significant degree in certain areas will also be completely excluded (‘the Exclusions’). The Exclusions will cover companies which derive a significant degree (being more than 10 per cent) of their annual revenues from (i) the production or sale of tobacco, alcohol, weapons and armaments or adult entertainment, (ii) fossil fuel extraction and production, or (iii) the provision of gambling services. To the extent that the fund is not fully invested in shares, the fund may also invest in other transferable securities of companies anywhere in the world, money market instruments, deposits and cash. The fund may not invest in or otherwise use derivatives.

Fund Manager

Zaki Sabir manager of the underlying fund for 5 years and 1 months

Photo of Zaki Sabir Zaki joined Baillie Gifford in 2007 and in 2017 he became a member of the Global Stewardship Team. He is a Senior Analyst in the Global Discovery Investment Team. Zaki graduated BA in Business Accounting and Finance from the University of Newcastle in 2006.

Toby Ross manager of the underlying fund for 0 years and 1 months

Photo of Toby Ross Toby joined Baillie Gifford in 2006. After several years on the UK equities team and as an energy sector specialist, he joined the Global Income Growth team as an investment manager in 2013 and became the Joint Manager of The Scottish American Investment Company PLC (SAINTS) in 2017. In 2022, Toby joined the Portfolio Construction Group for the Global Stewardship strategy. He graduated MA in English Literature from the University of Cambridge in 2006 and is a CFA Charterholder.

Matthew Brett manager of the underlying fund for 6 years and 8 months

Photo of Matthew Brett Matthew is an Investment Manager in the Japanese Equities Team and has been a member of the Global Stewardship Team since its inception. He is manager of the Japanese All Cap Strategy and Lead Manager of the Japanese Income Growth Strategy. Matthew joined Baillie Gifford in 2003 and became a Partner in 2018. He is a CFA Charterholder. Matthew graduated BA (Hons) in Natural Sciences (Psychology) from the University of Cambridge in 2000 and holds a PhD in Psychology from the University of Bristol.

Gary Robinson manager of the underlying fund for 6 years and 8 months

Photo of Gary Robinson Gary is a Partner and Investment Manager in the US Equities Team. He graduated MBiochem in Biochemistry from the University of Oxford in 2003 and joined Baillie Gifford the same year. He spent time working on our Japanese, UK and European Equity Teams before moving to the US Equities Team in 2008. Gary is a generalist investor but retains a special interest in the healthcare sector dating back to his undergraduate degree. Gary is also a member of the Global Stewardship Team.

Mike Gush manager of the underlying fund for 6 years and 8 months

Photo of Mike Gush Mike is a named manager for Baillie Gifford’s Emerging Markets and China Funds, as well as being responsible for the Emerging Markets Small Cap strategy. He has also been a member of the Global Stewardship strategy since its inception in 2015. Mike first joined Baillie Gifford in 2003 and before moving to the Emerging Markets Equity Team in 2005, Mike worked in the UK and Japanese Equity Teams. Mike became a Partner of the firm in 2020. He is a CFA Charterholder and graduated MEng from the University of Durham in 2003.

Fund Overview

Daily price (15/08/2022) 675.72
Fund size (30/06/2022) £12.39m
Underlying Fund size £671.14m
Number of holdings 72
Annual Management Charge (AMC) Please refer to the "Fund Guide"
for your specific pension plan
Launch date 05/04/2004

Asset Allocation

pie chart
  International Equities 92.31%
  UK Equities 4.79%
  Cash and Equivalents 1.40%
  Other Assets 1.50%

Commentary

Performance as at Q1 2022 - As the underlying fund entered 2022, equity markets seemed to be driven by fears of higher inflation and rising interest rates, which was then exacerbated by the commodity price spikes which followed Russia's invasion of Ukraine. As a result, the sort of earlier-stage, rapid-growth firms in which the fund typically invests were deeply out of favour. In the current environment, any hint of uncertainty has typically resulted in a sell-off of the shares of the company in question. This is despite the vast majority of portfolio holdings reporting what is, in the fund manager opinion, very encouraging operational progress.

By way of example, shares in Shopify, the ecommerce platform, fell sharply during the quarter. Reported results showed that 2021 was a very successful year for the company, with revenues rising by 57 per cent. However, the company also announced that it planned to reinvest 'aggressively' back into the business throughout 2022. The market seemed to be unnerved by this additional spend, but the fund manager welcome it as a sign of Shopify's ongoing ambition to build world-class ecommerce infrastructure.

Pacira BioSciences, on the other hand, was a positive contributor. This pharmaceutical company is focused on non-opioid pain management - the company's EXPAREL pain-relief product has now been used to treat 10 million patients. Pacira's share price rose as its 2021 results were taken positively by the market. Revenues were up 26 per cent, despite the postponement or suspension of many elective surgical procedures due to Covid-19.

Source: Baillie Gifford

Important Information

Because of changes in exchange rates the value of your investment, as well as any money you take from it, can go down as well as up.

Some funds may invest in ‘underlying’ funds or other investment vehicles. The performance of our fund, compared to what it’s invested in won’t be exactly the same. That can be due to additional charges, cash management (needed to help people to enter and leave our fund when they want), tax and the timing of investments (this is known as a fund’s dealing cycle, it varies between managers and can be several days).

Source: London Stock Exchange Group plc and its group undertakings (collectively, the “LSE Group”). © LSE Group 2019. FTSE Russell is a trading name of certain of the LSE Group companies. e.g., “FTSE®” “Russell®”, “FTSE Russell®”, “MTS®”, “FTSE4Good®”, “ICB®”, “Mergent®, The Yield Book®,” are a trade mark(s) of the relevant LSE Group companies and are used by any other LSE Group company under license. “TMX®” is a trade mark of TSX, Inc. and used by the LSE Group under license. All rights in the FTSE Russell indexes or data vest in the relevant LSE Group company which owns the index or the data. Neither LSE Group nor its licensors accept any liability for any errors or omissions in the indexes or data and no party may rely on any indexes or data contained in this communication. No further distribution of data from the LSE Group is permitted without the relevant LSE Group company’s express written consent. The LSE Group does not promote, sponsor or endorse the content of this communication.

Source: MSCI. MSCI makes no express or implied warranties or representations and shall have no liability whatsoever with respect to any MSCI data contained herein. The MSCI data may not be further redistributed or used as a basis for other indices or any securities or financial products. This report is not approved, endorsed, reviewed or produced by MSCI. None of the MSCI data is intended to constitute investment advice or a recommendation to make (or refrain from making) any kind of investment decision and may not be relied on as such.

Source of portfolio data: Broadridge. Source of performance data: FE fundinfo. We can’t predict the future. Past performance isn’t a guide to future performance. The figures shown are intended only to demonstrate performance history of the fund, after allowing for the impact of fund charges and further costs, but take no account of any Annual Management Charge paid for by the deduction of units. Charges and further costs may vary in the future and may be higher than they are now. Fund performance is based upon the movement of the daily price and is shown as total return in GBP with gross income reinvested. The value of your investment can go down as well as up so you might get back less than you put in.

This factsheet is intended for the trustees, sponsors, advisers and members of occupational pension schemes using Prudential group pension contracts and Prudential grouped personal pensions and Stakeholder pension contracts. Its purpose is to provide an insight into how investment markets and funds have performed over the period and is provided for information only. If you are not familiar with any of the investment terminology included, then please contact an adviser. Investors should refer to their scheme documentation (e.g. Fund Guide) for fund availability, investment strategy, any scheme information and charges. Every care has been taken in populating this output, however it must be appreciated that neither Broadridge, Prudential nor their sources guarantee the accuracy, adequacy or completeness of this information or make any warranties regarding results from its usage.

Portfolio data accurate as at:

Asset Allocation

pie chart
  International Equities 92.31%
  UK Equities 4.79%
  Cash and Equivalents 1.40%
  Other Assets 1.50%

Equity Sector Breakdown

Expand allCollapse all
Industry Supersector Sector Subsector
 
Consumer Discretionary 23.03% - - -
 
Retail - 6.53% - -
 
Retailers - - 6.53% -
 
Diversified Retailers - - - 5.44%
 
Specialty Retailers - - - 0.60%
 
Apparel Retailers - - - 0.49%
 
Consumer Products & Services - 6.28% - -
 
Consumer Services - - 3.58% -
 
Consumer Services: Misc. - - - 2.11%
 
Education Services - - - 1.48%
 
Leisure Goods - - 1.24% -
 
Electronic Entertainment - - - 1.24%
 
Personal Goods - - 0.95% -
 
Footwear - - - 0.95%
 
Household Goods & Home Construction - - 0.51% -
 
Household Equipment & Products - - - 0.51%
 
Automobiles & Parts - 5.93% - -
 
Automobiles & Parts - - 5.93% -
 
Automobiles - - - 4.63%
 
Tires - - - 1.31%
 
Media - 4.13% - -
 
Media - - 4.13% -
 
Media Agencies - - - 1.73%
 
Entertainment - - - 1.57%
 
Radio & TV Broadcasters - - - 0.83%
 
Travel & Leisure - 0.16% - -
 
Travel & Leisure - - 0.16% -
 
Recreational Services - - - 0.16%
 
Technology 21.18% - - -
 
Technology - 21.18% - -
 
Software & Computer Services - - 13.05% -
 
Consumer Digital Services - - - 8.19%
 
Software - - - 4.86%
 
Technology Hardware & Equipment - - 8.13% -
 
Semiconductors - - - 6.55%
 
Electronic Components - - - 1.58%
 
Health Care 16.30% - - -
 
Health Care - 16.30% - -
 
Pharmaceuticals & Biotechnology - - 8.28% -
 
Biotechnology - - - 5.15%
 
Pharmaceuticals - - - 3.13%
 
Medical Equipment & Services - - 7.11% -
 
Medical Equipment - - - 4.57%
 
Medical Supplies - - - 2.02%
 
Medical Services - - - 0.52%
 
Health Care Providers - - 0.91% -
 
Health Care Management Services - - - 0.91%
 
Financials 14.72% - - -
 
Insurance - 5.74% - -
 
Life Insurance - - 5.74% -
 
Life Insurance - - - 5.74%
 
Financial Services - 4.89% - -
 
Investment Banking & Brokerage Services - - 4.63% -
 
Investment Services - - - 3.56%
 
Asset Managers & Custodians - - - 1.07%
 
Finance & Credit Services - - 0.26% -
 
Consumer Lending - - - 0.26%
 
Banks - 4.09% - -
 
Banks - - 4.09% -
 
Banks - - - 4.09%
 
Industrials 13.90% - - -
 
Industrial Goods & Services - 10.70% - -
 
Industrial Engineering - - 8.06% -
 
Machinery: Industrial - - - 3.75%
 
Machinery: Agricultural - - - 1.82%
 
Machinery: Tools - - - 1.31%
 
Machinery: Specialty - - - 1.19%
 
Electronic & Electrical Equipment - - 1.36% -
 
Electronic Equipment: Control & Filter - - - 1.36%
 
Industrial Support Services - - 1.28% -
 
Transaction Processing Services - - - 1.28%
 
Construction & Materials - 3.20% - -
 
Construction & Materials - - 3.20% -
 
Building: Climate Control - - - 3.20%
 
Basic Materials 4.20% - - -
 
Chemicals - 2.73% - -
 
Chemicals - - 2.73% -
 
Specialty Chemicals - - - 2.73%
 
Basic Resources - 1.47% - -
 
Industrial Metals & Mining - - 1.47% -
 
Metal Fabricating - - - 1.47%
 
Telecommunications 1.94% - - -
 
Telecommunications - 1.94% - -
 
Telecommunications Service Providers - - 1.94% -
 
Telecommunications Services - - - 1.94%
 
Non-Classified 1.50% - - -
 
Cash and Equivalents 1.40% - - -
 
Energy 0.94% - - -
 
Energy - 0.94% - -
 
Renewable Energy - - 0.94% -
 
Renewable Energy Equipment - - - 0.94%
 
Consumer Staples 0.52% - - -
 
Personal Care, Drug & Grocery Stores - 0.52% - -
 
Personal Care, Drug & Grocery Stores - - 0.52% -
 
Food Retailers & Wholesalers - - - 0.52%
 
Real Estate 0.36% - - -
 
Real Estate - 0.36% - -
 
Real Estate Investment & Services - - 0.36% -
 
Real Estate Services - - - 0.36%

Regional Allocation

pie chart
  North America 50.13%
  Japan 13.68%
  Emerging Asia 12.01%
  Developed Europe - Excl UK 11.83%
  UK 4.79%
  Developed Asia 4.66%
  Non-Classified 1.50%
  Cash and Equivalents 1.40%

Regional Breakdown

Expand allCollapse all
Region Country
 
North America 50.13% -
 
United States - 48.23%
 
Canada - 1.89%
 
Japan 13.68% -
 
Japan - 13.68%
 
Emerging Asia 12.01% -
 
China - 5.32%
 
Taiwan - 3.34%
 
India - 1.77%
 
South Korea - 1.58%
 
Developed Europe - Excl UK 11.83% -
 
Netherlands - 3.27%
 
France - 2.92%
 
Sweden - 2.66%
 
Germany - 1.43%
 
Luxembourg - 0.83%
 
Norway - 0.72%
 
UK 4.79% -
 
United Kingdom - 4.79%
 
Developed Asia 4.66% -
 
Hong Kong - 4.66%
 
Non-Classified 1.50% -
 
Cash and Equivalents 1.40% -

Breakdown By Market Cap (%)

Mega
 
 
50.23%
Large
 
 
21.46%
Medium
 
 
16.24%
Small
 
 
6.02%
Micro
 
 
0.54%
Non-Classified
 
 
4.12%
Cash
 
 
1.40%

Top 10 Holdings

Stock % Weight Sector Country
1 TESLA INC 4.63% Automobiles & Parts United States
2 TAIWAN SEMICONDUCTOR MANUFACTURING CO. 3.34% Technology Hardware & Equipment Taiwan
3 NVIDIA CORP 3.20% Technology Hardware & Equipment United States
4 IMCD NV 2.73% Chemicals Netherlands
5 PACIRA BIOSCIENCES INC 2.58% Pharmaceuticals & Biotechnology United States
6 MARKETAXESS HLDGS INC 2.54% Investment Banking & Brokerage Services United States
7 FANUC CORPORATION 2.51% Industrial Engineering Japan
8 FIRST REPUBLIC BANK/SAN FRANCISCO CA 2.38% Banks United States
9 AIA GROUP LIMITED 2.23% Life Insurance Hong Kong
10 STAAR SURGICAL CO 2.10% Medical Equipment & Services United States

Dual Aspect Equity Analysis

UK Equities Int'l Equities UK Bonds Int'l Bonds UK Gilts Property Other Cash & Equiv Total
Technology - 21.18% - - - - - - 21.18%
Telecommunications - 1.94% - - - - - - 1.94%
Financials 3.32% 11.40% - - - - - - 14.72%
Real Estate - 0.36% - - - - - - 0.36%
Consumer Discretionary - 23.03% - - - - - - 23.03%
Consumer Staples 0.52% - - - - - - - 0.52%
Energy 0.94% - - - - - - - 0.94%
Health Care - 16.30% - - - - - - 16.30%
Industrials - 13.90% - - - - 1.50% - 15.40%
Basic Materials - 4.20% - - - - - - 4.20%
Cash and Equivalents - - - - - - - 1.40% 1.40%

Important Information

Because of changes in exchange rates the value of your investment, as well as any money you take from it, can go down as well as up.

Some funds may invest in ‘underlying’ funds or other investment vehicles. The performance of our fund, compared to what it’s invested in won’t be exactly the same. That can be due to additional charges, cash management (needed to help people to enter and leave our fund when they want), tax and the timing of investments (this is known as a fund’s dealing cycle, it varies between managers and can be several days).

Source: London Stock Exchange Group plc and its group undertakings (collectively, the “LSE Group”). © LSE Group 2019. FTSE Russell is a trading name of certain of the LSE Group companies. e.g., “FTSE®” “Russell®”, “FTSE Russell®”, “MTS®”, “FTSE4Good®”, “ICB®”, “Mergent®, The Yield Book®,” are a trade mark(s) of the relevant LSE Group companies and are used by any other LSE Group company under license. “TMX®” is a trade mark of TSX, Inc. and used by the LSE Group under license. All rights in the FTSE Russell indexes or data vest in the relevant LSE Group company which owns the index or the data. Neither LSE Group nor its licensors accept any liability for any errors or omissions in the indexes or data and no party may rely on any indexes or data contained in this communication. No further distribution of data from the LSE Group is permitted without the relevant LSE Group company’s express written consent. The LSE Group does not promote, sponsor or endorse the content of this communication.

Source: MSCI. MSCI makes no express or implied warranties or representations and shall have no liability whatsoever with respect to any MSCI data contained herein. The MSCI data may not be further redistributed or used as a basis for other indices or any securities or financial products. This report is not approved, endorsed, reviewed or produced by MSCI. None of the MSCI data is intended to constitute investment advice or a recommendation to make (or refrain from making) any kind of investment decision and may not be relied on as such.

Identification Codes

Sedol Code 3420199
Mex Code PUPEN
Isin Code GB0034201995
Citi Code P560

Fund Charges

Annual Management Charge (AMC) Please refer to the "Fund Guide"
for your specific pension plan

Aims and Benchmark

Aims Objective: The investment strategy of the Prudential Baillie Gifford Global Stewardship Fund is to purchase units in the Baillie Gifford Global Stewardship fund-the underlying fund. Underlying Fund Objective: The fund aims to outperform (after deduction of costs) the MSCI ACWI Index, as stated in sterling, by at least 2% per annum over rolling five-year periods. The fund will invest at least 90% in shares of companies anywhere in the world. Investments will be made in shares of companies which, in the investment manager’s opinion, demonstrate long-term growth prospects and good stewardship. By good stewardship, the investment manager refers to the long-term management of companies in the interests of all stakeholders and broader society. This includes not only environmental, social and governance issues faced by a company, but also whether, in the investment manager’s opinion, the company will add value to society over the long run and if it exhibits a responsible culture. The investment manager will seek to encourage such behaviours in portfolio companies through active engagement with company management. The fund will be actively managed and will invest in companies of any size and in any sector. Investments will initially be selected by the investment manager based on its own research. In addition, the investment manager will use its own research and third party data to assess whether companies demonstrate good stewardship. In making this assessment, the investment manager will make reference to the ten principles of the United Nations Global Compact for business which cover areas including human rights, labour rights, environmental safeguards and combating bribery and corruption (‘the Principles’). The investment manager will not invest in companies that are, in its judgement, inconsistent with the Principles. In addition, investments in companies operating to a significant degree in certain areas will also be completely excluded (‘the Exclusions’). The Exclusions will cover companies which derive a significant degree (being more than 10 per cent) of their annual revenues from (i) the production or sale of tobacco, alcohol, weapons and armaments or adult entertainment, (ii) fossil fuel extraction and production, or (iii) the provision of gambling services. To the extent that the fund is not fully invested in shares, the fund may also invest in other transferable securities of companies anywhere in the world, money market instruments, deposits and cash. The fund may not invest in or otherwise use derivatives.
Benchmark MSCI All Countries World Index
ABI Sector Global Equities

Important Information

Because of changes in exchange rates the value of your investment, as well as any money you take from it, can go down as well as up.

Some funds may invest in ‘underlying’ funds or other investment vehicles. The performance of our fund, compared to what it’s invested in won’t be exactly the same. That can be due to additional charges, cash management (needed to help people to enter and leave our fund when they want), tax and the timing of investments (this is known as a fund’s dealing cycle, it varies between managers and can be several days).

Source: London Stock Exchange Group plc and its group undertakings (collectively, the “LSE Group”). © LSE Group 2019. FTSE Russell is a trading name of certain of the LSE Group companies. e.g., “FTSE®” “Russell®”, “FTSE Russell®”, “MTS®”, “FTSE4Good®”, “ICB®”, “Mergent®, The Yield Book®,” are a trade mark(s) of the relevant LSE Group companies and are used by any other LSE Group company under license. “TMX®” is a trade mark of TSX, Inc. and used by the LSE Group under license. All rights in the FTSE Russell indexes or data vest in the relevant LSE Group company which owns the index or the data. Neither LSE Group nor its licensors accept any liability for any errors or omissions in the indexes or data and no party may rely on any indexes or data contained in this communication. No further distribution of data from the LSE Group is permitted without the relevant LSE Group company’s express written consent. The LSE Group does not promote, sponsor or endorse the content of this communication.

Source: MSCI. MSCI makes no express or implied warranties or representations and shall have no liability whatsoever with respect to any MSCI data contained herein. The MSCI data may not be further redistributed or used as a basis for other indices or any securities or financial products. This report is not approved, endorsed, reviewed or produced by MSCI. None of the MSCI data is intended to constitute investment advice or a recommendation to make (or refrain from making) any kind of investment decision and may not be relied on as such.

Charges and further costs may vary in the future and may be higher than they are now.

This factsheet is for information purposes only. If there is information or terminology included that you would like to discuss, then please contact an adviser. Investors should refer to their policy documentation and supporting brochures for fund availability, investment strategy, any product information and charges. Every care has been taken in populating this output, however it must be appreciated that neither Broadridge, Prudential nor their sources guarantee the accuracy, adequacy or completeness of this information or make any warranties regarding results from its usage.

These risk ratings have been developed by Prudential to help provide an indication of a fund’s potential level of risk and reward based on the type of assets which may be held by the fund. Other companies may use different descriptions and as such these risk ratings should not be considered as generic across the fund management industry.

We regularly review our fund risk ratings, so they may change in the future. If, in our view, there is a material change in the fund's level of risk, for example due to a significant change to the assets held by the fund or in the way the fund is managed, we will provide information on the new risk rating. We recommend that you make sure you understand the risk rating of any fund before you invest.

You should also consider discussing your decision and the appropriateness of a fund's risk rating with an adviser.

  • Higher Risk
  • Medium to Higher Risk
  • Medium Risk
  • Lower to Medium Risk
  • Lower Risk
  • Minimal Risk

Medium to Higher Risk

These funds offer a diverse geographical spread of equity investment or have multi-asset strategies with a specialist focus (e.g. ethical). The equity funds within this category will have greater overseas exposure and underlying volatility than the "medium" sector.

Help

Important Information

This factsheet is intended for the trustees, sponsors, advisers and members of occupational pension schemes using Prudential group pension contracts and Prudential grouped personal pensions and Stakeholder pension contracts. Its purpose is to provide an insight into how investment markets and funds have performed over the period and is provided for information only. If you are not familiar with any of the investment terminology included, then please contact an adviser. Investors should refer to their scheme documentation (e.g. Fund Guide) for fund availability, investment strategy, any scheme information and charges. Every care has been taken in populating this output, however it must be appreciated that neither Broadridge, Prudential nor their sources guarantee the accuracy, adequacy or completeness of this information or make any warranties regarding results from its usage.

Important Information

Because of changes in exchange rates the value of your investment, as well as any money you take from it, can go down as well as up.

Some funds may invest in ‘underlying’ funds or other investment vehicles. The performance of our fund, compared to what it’s invested in won’t be exactly the same. That can be due to additional charges, cash management (needed to help people to enter and leave our fund when they want), tax and the timing of investments (this is known as a fund’s dealing cycle, it varies between managers and can be several days).

Source: London Stock Exchange Group plc and its group undertakings (collectively, the “LSE Group”). © LSE Group 2019. FTSE Russell is a trading name of certain of the LSE Group companies. e.g., “FTSE®” “Russell®”, “FTSE Russell®”, “MTS®”, “FTSE4Good®”, “ICB®”, “Mergent®, The Yield Book®,” are a trade mark(s) of the relevant LSE Group companies and are used by any other LSE Group company under license. “TMX®” is a trade mark of TSX, Inc. and used by the LSE Group under license. All rights in the FTSE Russell indexes or data vest in the relevant LSE Group company which owns the index or the data. Neither LSE Group nor its licensors accept any liability for any errors or omissions in the indexes or data and no party may rely on any indexes or data contained in this communication. No further distribution of data from the LSE Group is permitted without the relevant LSE Group company’s express written consent. The LSE Group does not promote, sponsor or endorse the content of this communication.

Source: MSCI. MSCI makes no express or implied warranties or representations and shall have no liability whatsoever with respect to any MSCI data contained herein. The MSCI data may not be further redistributed or used as a basis for other indices or any securities or financial products. This report is not approved, endorsed, reviewed or produced by MSCI. None of the MSCI data is intended to constitute investment advice or a recommendation to make (or refrain from making) any kind of investment decision and may not be relied on as such.

Source of performance data: FE fundinfo. We can’t predict the future. Past performance isn’t a guide to future performance. The figures shown are intended only to demonstrate performance history of the fund, after allowing for the impact of fund charges and further costs, but take no account of any Annual Management Charge paid for by the deduction of units. Charges and further costs may vary in the future and may be higher than they are now. Fund performance is based upon the movement of the daily price and is shown as total return in GBP with gross income reinvested. The value of your investment can go down as well as up so you might get back less than you put in.

This factsheet is intended for the trustees, sponsors, advisers and members of occupational pension schemes using Prudential group pension contracts and Prudential grouped personal pensions and Stakeholder pension contracts. Its purpose is to provide an insight into how investment markets and funds have performed over the period and is provided for information only. If you are not familiar with any of the investment terminology included, then please contact an adviser. Investors should refer to their scheme documentation (e.g. Fund Guide) for fund availability, investment strategy, any scheme information and charges. Every care has been taken in populating this output, however it must be appreciated that neither Broadridge, Prudential nor their sources guarantee the accuracy, adequacy or completeness of this information or make any warranties regarding results from its usage.

Prudential is a trading name of Prudential Pensions Limited. Prudential Pensions Limited is registered in England and Wales. Registered office at 10 Fenchurch Avenue, London EC3M 5AG. Registered number 992726. Authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority.